Represents 114% Revenue Growth
PHOENIX, AZ / ACCESSWIRE / September 12, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ:TRNX), a leading renewable fuel producer serving the global industrial gas markets, today announced $1.85 million in revenues for the month of August. This represents a 114% increase from the same period in 2018. Growth by market is detailed as follows:
The combined Texas-Louisiana market continues to be the largest market for the Company, with just over $0.78 million in sales. This represents a 6.0x increase when compared to the same month in 2018. The Company has made several acquisitions to become one of the largest independent industrial gas distributors in this market. The management team in this market has executed well, with minimal disruptions in the client base during the integration, while simultaneously expanding to add new clients.
The California market continues to be the second strongest region for the Company, with just under $0.77 million in sales. This represents a 57% increase when compared to the same period in 2018. The Company has only made one acquisition in this region in the last year, with more of the overall growth attributable to a successful organic sales and marketing program.
Florida remains stable with $0.3 million in sales, which is unchanged from the same period in 2018. The Company is looking to add sales and marketing personnel in multiple Florida locations now that the Company's Clearwater industrial fill plant is fully operational.
"Our team continues to generate consistently successful revenue growth," commented Scott Mahoney, CEO of Taronis. "We are delivering above internal growth targets, and we are looking to capitalize on our momentum. When combined with our expanded MagneGas production capabilities, we look to maintain an aggressive marketing focus during our seasonally active months in September and October."
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company's fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through independent distributors in the US and through its wholly owned distributors doing business as "MagneGas Welding Supply". The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company's technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. The technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company's website at http://www.TaronisTech.com.
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides live remote consumption monitoring for long term leak protection and water asset management. An integral, client-based alarm and notification system reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE: Taronis Technologies, Inc.
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